As the crypto market sees some relief over the past week, the price of LUNA trends to the downside. The worst performer in the top 10 by market cap, the Terra native cryptocurrency appears at risk of further downside.
Related Reading | What’s Behind LUNA’s Rally, Could Its Price Decouple From Bitcoin?
At the time of writing, LUNA trades at $87 with a 17% loss and a 5% loss in the last week and 24-hours, respectively.
Data from Material Indicators (MI) suggest thin support for LUNA’s price at its current levels. Around $83 there are around $700,000 in bids orders which could proved inefficient to prevent a fresh assault from the bears.
In addition, Terra presents over $3 million in ask orders which could operate as major resistance as the price attempts to reclaim previous highs. As seen below, LUNA could fail to break above the selling wall around $86 due to the high amount of ask orders.
In the price is rejected around those levels, $81 should operate as the next support levels as it records around $2 million bids.
Additional data provided by analytics platform Nansen indicates the Terra ecosystem has seen important adoption levels. Trending upwards since 2021, the daily active address on this network stands near 35,000 and saw a small decline as the price of LUNA turned bearish.
However, daily transactions have been moving sideways with a small uptick…